The offending newswire:
Fed's Powell: Fed well-positioned to wait to see how the economy evolves
The bond market would rather hear a stronger leaning in the direction of another cut in 2026 (odd that the dots do, in fact, suggest that).
10yr yields gave up their gains and were briefly higher on the day, but are now back to half a bp stronger at 4.183.
MBS are still up 6 ticks (.19) on the day, but down 3 ticks (.09) from highs.
This is not necessarily a reprice risk situation yet, but that could change if Treasuries turn red again.
